Consumer prices are stabilizing… Recently, oil prices have tumbled and core inflation — which excludes volatile food and energy prices — has flattened out, with prices settling about 2.3% higher than a year ago. Easing price pressure should give some comfort to Federal Reserve officials before next week’s policy meeting.
But commodity prices have not broken support. Nobody knows this, but the Fed has world class technical chartists working deep in the basement bowels of 33 Liberty Street. They actually tell Bernankenstein when to print and when not to. They will not give the green light to print unless oil, copper, silver and gold break support.
– Lee Adler
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